[Form 4] Biohaven Ltd. Insider Trading Activity

Rhea-AI Filing Summary

Biohaven Ltd. (BHVN)3,333,333 common shares on 11/13/2025. The transaction was coded "P" for a purchase at a price of $7.50 per share and is described as common shares acquired in an underwritten public offering.

After this transaction, indirect beneficial ownership includes 5,653,904 common shares held by the John W Childs 2013 Revocable Trust, as well as additional indirect holdings of 4,096,512, 76,570, 25,291 and 24,452 common shares through various charitable remainder trusts.

Insights

Equity Ownership and Governance Analyst

Large director-linked trust purchase in a public offering signals increased aligned exposure but also reflects ongoing equity capital raising.

The filing shows a reporting person who is a director acquired 3,333,333 common shares of Biohaven Ltd. at $7.5 per share on 11/13/2025. The transaction code "P" indicates a purchase, and the note clarifies it occurred in an underwritten public offering. After this transaction, one related vehicle, the John W Childs 2013 Revocable Trust, holds 5,653,904 common shares, with additional holdings reported through several charitable remainder trusts.

All reported holdings are listed as indirect ownership through various trusts, which concentrates a meaningful position under the director’s beneficial control. This kind of purchase during a public offering can indicate that the director-affiliated trusts chose to commit capital at the same terms as the broader market, which tends to align their economic outcome with other participants in that offering. The absence of any sales or derivative transactions in Table II keeps the picture focused on straightforward equity accumulation.

Items to watch now include any future changes in these trust-held positions and additional Form 4 filings that might show continued accumulation or eventual disposition. The transaction date of 11/13/2025 ties this purchase directly to that specific underwritten offering, so subsequent disclosures around that offering’s completion and any related reporting by other insiders over the next few months will help contextualize this position change.

11/17/2025 - 07:30 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CHILDS JOHN W

(Last) (First) (Middle)

C/O BIOHAVEN LTD.

215 CHURCH STREET

(Street)

NEW HAVEN CT 06510

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Biohaven Ltd. [ BHVN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	11/13/2025		P		3,333,333(1)	A	$7.5	5,653,904	I	By John W Childs 2013 Revocable Trust
Common Shares								4,096,512	I	By 2021 B-H Charitable Remainder Trust
Common Shares								76,570	I	By 2013 Charitable Remainder Trust
Common Shares								25,291	I	By 1994 Charitable Remainder Trust
Common Shares								24,452	I	By 2007 Charitable Remainder Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents common shares acquired in an underwritten public offering.

Remarks:

	/s/ George Clark, Attorney-in-Fact	11/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction was reported at Biohaven Ltd. (BHVN)?

A director of Biohaven Ltd. reported purchasing 3,333,333 common shares on 11/13/2025 in an underwritten public offering at $7.50 per share.

At what price were the Biohaven (BHVN) shares acquired in this Form 4?

The reported purchase involved Biohaven common shares acquired at a price of $7.50 per share in an underwritten public offering.

How many Biohaven (BHVN) shares are indirectly owned after the reported transaction?

Following the transaction, indirect beneficial ownership includes 5,653,904 common shares via the John W Childs 2013 Revocable Trust and additional blocks of 4,096,512, 76,570, 25,291 and 24,452 common shares through various charitable remainder trusts.

What is the nature of the Biohaven (BHVN) insider’s relationship to the company?

The reporting person is a director of Biohaven Ltd., as indicated in the relationship section of the Form 4.

Was the Biohaven (BHVN) insider trade part of an underwritten public offering?

Yes. The explanatory note states that the 3,333,333 common shares were acquired in an underwritten public offering.

Are the Biohaven (BHVN) shares held directly or indirectly by the insider?

The reported holdings are indirect, including shares held by the John W Childs 2013 Revocable Trust and several charitable remainder trusts.